BEVERLY HILLS, CA—The Hanes Family Trust has sold a 7,785-square-foot retail property in Beverly Hill's Golden Triangle area to an unnamed investor. This is the first time the property has traded hands since November 1974, when the seller originally purchased it. The sales price is $10.9 million, averaging $1,430 per square foot.
At the time of the sale, the property was 100% occupied. According to industry sources, Joseph Martin Hair & Beauty and Nelson Shelton Real Estate occupy the two-story property. Braemon M. Hanes, CCIM, of Hanes Investment Realty, Inc. represented the seller in the transaction, while David Passman of the Passman Group Inc. represented the buyer.
Hanes Family Trust sold the property as the down-leg of a 1031 exchange. The buyer purchased the property without debt and at a cap-rate of 2.41. According to Mollie Shea Dietsch, a broker and Lee & Associates, there has been a recent uptick in 1031 exchanges because they offer investors more protection to purchase additional investments, especially with the higher volume of sales transactions in the current market. In a similar transaction, Dietsch represented the Kanin Family Trust in the purchase of 2250 Barrington Ave. in West Los Angeles in a 1031 exchange.
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Kelsi Maree Borland
